Binance, one of the leading crypto exchanges, has expanded its Monitoring Tag to cover 11 more altcoins, igniting discussions about potential future delistings.

The price of some of these 11 altcoins has suffered after the announcement. This is because, on previous occasions, Binance has delisted some altcoins after attaching a monitoring tag to them.

Why Binance Attaches Monitoring Tag to Certain Altcoins?

The newly tagged tokens include Balancer (BAL), Cortex (CTXC), PowerPool (CVP), Convex Finance (CVX), Dock (DOCK), Kava Lend (HARD), IRISnet (IRIS), MovieBloc (MBL), Polkastarter (POLS), Status (SNT), and Sun (SUN).

Following this announcement, notable market reactions were immediate. CTXC saw a sharp decline of 8.09%, CVP dropped by 12.66%, and DOCK also decreased by 11.71%. On the other hand, the other tagged altcoins experienced more modest drops.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

Binance uses the Monitoring Tag for tokens that show significantly higher volatility and risks compared to others. This tag warns investors that these tokens could fail to meet Binance’s rigorous listing standards in the foreseeable future.

“Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform,” Binance warned.

Furthermore, to trade these marked tokens, Binance mandates that users must periodically pass a quiz every 90 days, available on both Binance Spot and Binance Margin platforms. This ensures that traders are fully aware of the associated risks. The Monitoring Tags are displayed on the relevant trading pages, and a risk warning banner is also prominently shown.

The review criteria for these tokens include several important factors, such as the project team’s commitment, the quality and level of ongoing development, trading volume and liquidity, and network stability. The exchange also evaluates responsiveness to its due diligence requests and checks for any unethical or fraudulent activities.

Read more: 12 Best Altcoin Exchanges for Crypto Trading in July 2024

On a positive note, Binance has announced that it will remove Enzyme (MLN) and Horizon (ZEN) from the monitoring list. This update implies a stable and secure status for these altcoins, removing the immediate threat of delisting.

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• Crypto cards offer lower fees, stability, and exclusive discounts for travelers.
• Many crypto cards also provide rewards, cashback, and enhanced security for global travelers.
• The Mountain Wolf crypto card features a secure multi-currency wallet and instant payments.

A growing number of travelers are favoring cryptocurrency cards over traditional travel money cards, according to new trend data, with these growing crypto adoption rates driven in large part by travelers under the age of 35. 

With the allure of lower transaction fees, enhanced security, and exclusive discounts, crypto cards are increasingly revolutionizing how people manage their finances both at home and abroad. 

In this article, we delve into the benefits of using crypto cards for travel and highlight the rise of platforms like Mountain Wolf, which are leading the charge in this digital payment transformation.

The rise of crypto cards in travel

As technology evolves, traveling in 2024 has become increasingly digital, and cryptocurrency is at the forefront of this shift. 

Traditional travel money cards, while still popular, are losing ground to the more innovative and cost-effective crypto cards. 

In fact, Google Trends data reveals that demand for crypto cards surpassed demand for currency cards for the first time ever in the spring and summer of 2021, and that trend could be set to recur in the upcoming summer vacation period. 

One of the primary reasons for this shift is the significant reduction in transaction fees. Traditional credit and debit cards often incur high fees and unfavorable exchange rates when used abroad. 

In contrast, cryptocurrency operates on a decentralized system with much lower transaction fees. For instance, Bitcoin and Ethereum transactions generally have lower fees compared to international credit card transactions, making them a more economical choice for travelers.

Moreover, crypto cards offer protection against currency fluctuations, a feature particularly appealing in regions with volatile currencies. 

By using stablecoins like USDT or USDC, travelers can avoid the risks associated with sudden exchange rate changes, ensuring better control over their travel budget. This stability is a significant advantage over traditional travel money cards, which are subject to the whims of the foreign exchange market.

Another compelling reason for the growing preference for crypto cards is the exclusive discounts offered by many travel agencies and service providers. Platforms like Travala, a blockchain-based travel booking service, provide discounts on hotels, flights, and activities when paid with cryptocurrencies. 

For example, using Travala’s native cryptocurrency (AVA) can grant an additional 3% discount on bookings. Such incentives and the increasing number of crypto cards make crypto cards an attractive option for savvy travelers looking to maximize their savings.

Mountain Wolf’s crypto card among the most preferred by travelers

Amid the rise of the use of cryptocurrency cards in traveling, Mountain Wolf is among the crypto platforms leading the charge in integrating cryptocurrency into travel. Their crypto card stands out for its multi-currency wallet, which securely houses both FIAT and crypto assets. 

This feature alone offers unparalleled convenience for travelers who no longer need to juggle multiple cards or worry about currency conversions.

The Mountain Wolf crypto card allows for seamless digital payments worldwide, including payrolls, e-commerce, and ATM withdrawals. A unique feature, “Send-Wolf,” ensures instant payments between Mountain Wolf accounts, streamlining the transaction process. 

Furthermore, for those keen on trading, Mountain Wolf provides a user-friendly crypto exchange with competitive rates and swift execution, further enhancing the travel experience.

In addition to lower transaction fees, Mountain Wolf’s crypto card offers various payment options, including SEPA, SWIFT, and Vouchers, providing flexibility for its users. The platform is also committed to expanding its portfolio of currencies, products, and services, continually enhancing its value proposition.

Security is another cornerstone of Mountain Wolf’s offering. The platform employs powerful identity verification systems, gold-standard wallet custody, blockchain analytics, and multi-layer security, ensuring users’ assets and data remain protected. This level of security and transparency reduces the risk of fraud and hidden charges, providing travelers with peace of mind.

Conclusion

The growing acceptance of cryptocurrency worldwide further underscores the benefits of using crypto cards for travel. 

As of 2023, travelers from the USA made 103.4 million outbound visits, with the UK welcoming 4.6 million American travelers according to market research done by VisitBritain. These travelers spent a total of £6 billion, with an average spend of £1,300 per person. 

With such significant travel activity, the cost-saving advantages of crypto cards become even more apparent.

Crypto cards also offer rewards programs and cashback on travel-related expenses including purchases and travel bookings, which can be redeemed for future travel expenses. This added benefit makes crypto cards not only practical but also a financially rewarding choice for modern travelers.

In a nutshell, with the growing acceptance and technological advancements, crypto cards are set to become the preferred choice for travel payments, marking a significant shift in how we manage our finances on the go.